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Your Path Mortgage Program Expands Home Ownership Opportunity

Your Path Mortgage Program Expands Home Ownership Opportunity

Michael Jensen, Mortgage and Finance Guru
, Mortgage and Finance Guru

We want to highlight a new Freddie Mac mortgage program designed to extend home ownership to more borrowers. Freddie Mac, in collaboration with Alterra Home Loans and New American Funding, launched the Your Path Mortgage Program to address the growth in multi-generational households and increase in borrowers with non-traditional income sources.

Similar to other low down payment programs, Your Path only requires a 3.0% down payment but offers more flexible mortgage qualification requirements that should expand the pool of potential home owners. Innovative features of the program include:

We provide a comprehensive overview of the Your Path Mortgage Program on FREEandCLEAR including key program information and borrower eligibility requirements.

We also added the program to our informative comparison of low and no down payment mortgage programs. Our comparison chart continues to be a highly valuable tool for borrowers and housing advocates to compare, contrast and select a low or no down payment mortgage program.

Comparison of low down payment mortgage programs

Comparison of low down payment mortgage programs

Although the Your Path Program was announced as a twelve month pilot program, it represents another potentially attractive mortgage option for low-to-moderate income home buyers along with competing programs such as the HomeReady and FHA Mortgage programs.

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Current Mortgage Rates in San Francisco, California as of October 27, 2020
FREEandCLEAR Exlusive Lender
Low Rates
No Bait & Switch
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2.497% APR Rate: 2.375%
30 Yr Fixed30 Yr Fixed
Points: 1.0
Rate Lock: 60 days
NMLS: 357085  LICENSE: CA 00532825
Terms & Conditions
Ask about no closing cost options
APR
2.497%
Rate
2.375%
Points
1.0
Rate Lock
60 days
NMLS: 357085
LICENSE: CA 00532825

Terms & Conditions
Ask about no closing cost options
Loan terms assume conforming mortgage amount, 80% LTV ratio and minimum borrower credit score of 740. Purchases and rate and term refinances only. $150,000 minimum mortgage amount. Borrower is responsible for $995 lender fee. Loan terms are subject to change without notice.
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Data provided by Brown Bag Marketing, Inc. Payments do not include amounts for taxes and insurance premiums. Read through our lender table disclaimer for more on rates and product details.
About the author
Michael Jensen, Mortgage and Finance Guru

Michael is the co-founder of FREEandCLEAR. Michael possesses extensive knowledge about mortgages and finance and has been writing about mortgages for nearly a decade. His work has been featured in leading national and industry publications. More about Michael

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